Gas station oil prices nationwide fell slightly compared to the previous week, continuing a downward trend for 23 consecutive weeks.

According to Opinet, the oil price information system operated by the Korea National Oil Corporation, on the 24th, the average sales price of gasoline at gas stations nationwide for the third week of October (18th–22nd) was 1,857.1 won per liter, down 0.5 won from the previous week.

Seoul, which recorded the highest prices, saw a decrease of 0.3 won from the previous week to 1,902.3 won, while Daegu, which recorded the lowest prices, fell 0.9 won to 1,828.0 won, respectively.

By brand, GS Caltex gas stations recorded the highest price at 1,859.0 won, while budget (Alttul) gas stations recorded the lowest at 1,846.6 won.

The average sales price of diesel recorded 1,842.5 won, down 0.3 won compared to the previous week.

This week, international oil prices rose due to supply anxieties stemming from heightened tensions in the Middle East, such as the possibility of U.S. airstrikes on Iran and attacks by Yemen's Houthi rebels on Saudi Arabia.

Dubai crude, the benchmark for imported crude oil, rose 2.9 dollars per barrel from the previous week to 111.1 dollars.

International gasoline prices fell 3.2 dollars to 133.4 dollars, while international automotive diesel rose 5.5 dollars to 176.2 dollars.

Fluctuations in international oil prices are usually reflected in domestic gas station prices with a lag of about two to three weeks.

The government maintains a ceiling on petroleum prices to mitigate the impact of international oil price fluctuations on domestic prices.

Previously, the government set the 11th petroleum price ceiling identical to the 10th ceiling, designating it at 1,784 won per liter for gasoline, 1,773 won for diesel, and 1,380 won for kerosene.

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